If you would like to pay a bit extra each month, or you would prefer to overpay with a lump sum, you can. With our flexible mortgages you can make unlimited, free-of-charge overpayments, provided that the mortgage is not redeemed in full.
As overpayments reduce the amount of money you have borrowed on your mortgage, this could result in a saving of the amount of interest charged.
Following receipt of an overpayment, your outstanding balance and the Interest charged will be recalculated.
If you have a fully flexible mortgage and you make overpayments which total at least £500, then subject to Virgin Money's prior agreement and you meeting our affordability requirements, you may be able to borrow back some, or all, of the amount overpaid.
The interest rate charged on any amount that you borrow back will be at your prevailing mortgage interest rate. The minimum amount that you can apply to borrow back at any one time is £500.
If you have a fully flexible mortgage and you make any overpayments, you may apply to make a lower monthly payment or stop your monthly payment. All underpayments are subject to Virgin Money's prior agreement and your mortgage not being in arrears.
You may apply for a one-month payment holiday for every nine consecutive full monthly payments you make. The maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments.
Interest will continue to be charged during a payment holiday. Taking a payment holiday will also increase the outstanding balance upon which future loan interest charges are calculated.
When deciding if we will allow a payment holiday, we will assess your ability to repay the revised total mortgage balance and the associated monthly payments, based on your individual circumstances at the time. This will include an affordability assessment, which may require income verification. All payment holidays are subject to Virgin Money's prior agreement.
If you wish to take advantage of any of the features above, simply call us on 0345 602 8301 and we'll do everything we can to help.